| 10%
chance of property crash |
| The Northern Rock crisis will spread
to the housing market, with a 10 % chance of a 1990s-style
price crash, a leading property expert warned yesterday.
Simon Rubinsohn, chief economist at the Royal Institution
of Chartered Surveyors (Rics), |
Auctions
driven by repossession |
| New figures have shown that the number
of homes being sold at auction has reached its highest
level for more than two years following a rise in
repossessions. A total of 5,120 homes went under
the hammer during the second quarter of the |
| August
sees gross lending fall 6% |
| Gross mortgage lending by banks, building
societies and specialist lenders fell by 6% in August
compared with July, to an estimated £32.2
billion from £34.1 billion, according to the
Council of Mortgage Lenders. This was 3% down on
the £33 |
| Burden
of regulation to increase on SMEs |
| Nearly three quarters (74%) of the
Uk's entrepreneurs expect the regulatory environment
for SMEs to become more rather than less burdensome
over the next three years, according to new research
by Bank of Scotland Business Banking |
| Buy
to let optimism |
| The Council of Mortgage Lenders (CML)
is suggesting that taking out an interest-only mortgage
can prove to be a sound decision for landlords,
as this type of mortgage will reduce borrowing costs
for investors who do not want outright |
| House
prices fall 2.6% in August |
| UK property prices fell by 2.6% last
month as the number of four-bedroom houses going
on the market was slashed because of the introduction
of home information packs. |
| Loan
companies still dragging their heels on single premium
PPI |
| Banks and building societies came
under fire and potentially more scrutiny for “serious
failures” in the sale of loan insurance yesterday
after an investigation by the Financial Services
Authority (FSA). |
Mortgage
lenders urged to be more consistent |
| The Information Commissioners
Office is urging lenders to approach loan defaults
in a more consistent manner. Under the banner
Data Protection Technical Guidance, the Commissioner
wants lenders to treat default borrowers reported
to |
| New
slant on comparing the cost of loans |
| Research published by the CML today
looks at new methods of presenting information about
the cost of loans in a way that is helpful to consumers.
The Dynamic Annual Rate (DAR) is a proposed new
interest rate measure which |
| Spanish
property boom in decline |
| Hundreds of estate agents across
southern Spain have gone out of business in a
trend that experts say signals the end of a buoyant
housing market that has fuelled the country's
economy for more than a decade. |
| Stamp
duty evasion law snags property funds |
| Two big property funds have had
to suspend new investments and withdrawals after
a Government attempt to crack down on stamp duty
evasion caused their investors to be charged twice.
|
| UK
sub-prime mortgage lender Victoria goes into administration |
| UK sub prime mortgage specialist Victoria
Mortgages became the latest victim of the credit
crisis as the lender said it had gone into administration
and was no longer funding new loans after its costs
escalated. |
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